James river and Kanawha Company.
--The annual meeting of stockholders of this Company was held in this city on Monday evening--Mr. Lewis Webb presiding.The President of the Company, Col. Thos. H. Ellis, submitted his report, some of the more interesting points of which we give below.
In consequence of the blockade of James river, the trade of the dock and canal has fallen off, and the revenues have sustained a correspondent diminution. The decrease in the number of vessels arriving in the dock, compared with the previous fiscal year, is 68. There has been a decrease in every principal article of inward trade, except two--sugar and lumber; of the latter, the large quantity of 124,975,808 feet was received. There was no exception to the decrease in the principal articles of outward trade. The number of boats and vessels that entered the dock was, in the first quarter 520, in the second 322, in the third 104, in the fourth 79; total 1,025, compared with 2,123; a loss of 1,098. The number that left the dock was, in the first quarter 549, in the second 369, in the third 152, in the fourth 91; total 1,161, compared with 2,337; a loss of 1,176.
The receipts from dockage were, in the first quarter $11,333.60, in the second $5,665.19, in the third $2,582.31, in the fourth $834.36; total $20,415.46 compared with $50,128.03; a loss of $29,712.57, or 59¼ per cent. on the business of the previous year.
The disbursements on account of the dock, amounted to $18,094.04: this item being much increased by the expenditure incident to raising the stone wall on the north side from 14th to 17th streets, and by payments connected with the iron pivot bridge, of which mention was made in the last annual report.
On the first of June, the operations of dredging in and near the dock were suspended. Prior to that time, eight hands had been employed in this business, and 3 in working the ship lock. There remain how but two, colored hands, besides the keeper of the ship lock. The business of the lock has latterly increased, by reason of the number of lighters and small sailing vessels, chiefly engaged in transporting wheat, on private account, and wood, coal, lumber, provisions and forage for the army.
The aggregate of tolls on the canal for the fiscal year 1860 was $229,256.54; for the fiscal year 1861, $122,805.52; aggregate loss, $106,451.02--or 46½ per cent, on the receipts of the previous year. The amount of tolls on passengers during the past fiscal year was $6,976 19, being an increase of $1,899.55 on the previous year.
The report proceeds to note other causes of a diminished revenue, unavoidable in a time of war; and then gives a detail of the damages sustained during the year, from freshets and other causes, and the repairs necessary in consequence.
The receipts on account of the canal were $133,434.22, and the disbursements $163,457.57; excess of disbursements over receipts, $30,023.35.
This excess of expenditures is not strictly applicable to the fiscal year, or rather is for a liability not wholly incurred within the year, inasmuch as it represents a part of the floating debt previously due upon accounts chargeable to the canal, which have been paid during the year, chiefly with the State stock appropriated by the Legislature for that purpose.
A considerable portion of the report is taken up with the financial exhibits, and statements concerning the local improvements and connections. No communication has been received from the Kanawha board during the year; but the report says that from information received from the office of the second auditor, the board here are apprised, that one hundred thousand dollars of State stock have been issued to the Kanawha board, on account of the improvement of the Kanawha river; of which they have used $24,000; leave-$76,000 standing to their credit on the books of the Second Auditor in the name of Alexander T. Laidley, Secretary, besides $800 of interest due on the 1st of January, and $2,180 interest, due on the 1st of July.
The following paragraph is interesting to the public generally:
‘ It will be the duty of the company, under the act of the Provisional Congress of the Confederate States, entitled, "an act for the sequestration of the estates, property, and effects of alien enemies, and for the indemnity of citizens of the Confederate States, and persons aiding the same in the existing war with the United States," approved August 30th, 1861, to report for sequestration certain credits held by the company and due to alien enemies since the 21st day of May last. The act makes full provision for the recovery of credits, but allows such delays as may have been, or may be, prescribed in any State of the Confederacy, as to the collection of debts in such State, during the war.
The latest advices from Messrs. Bellot des Minieres, Brothers and Company, are to the 29th of August. They desire some modification of the charter, but express a full determination to proceed with the work as soon as peace is restored. "It seems to be but just to add" (says the report) "that these parties have not been silent or uninterested spectators of the war waged by the North for the subjugation of the Confederate State. Though so far from the scene of action, they have in various forms manifested their sympathy for the cause of the South. It is not improbable they have contributed in large degree to that change of opinion which it is believed has taken place in France on this subject. Mr. Ernest Bellot des Minieres especially is entitled to public acknowledgments for a pamphlet of more than fifty pages written by himself, and published over his own signature, in which he treats this American question with distinguished ability. The pamphlet has undoubtedly attracted much of the attention of the press, and been copied from and commented upon freely in France."
In conclusion, the President briefly reviews the points presented in the report, and to the alacrity and cheerfulness with which the Board have afforded to the authorities of the State and of the Confederate States every facility that appeared to them admissible.-- "With the return of peace, we may hope for revived and enlarged prosperity. But whether peace be far off, or near at hand, the board and the stockholders must feel that the depressed condition of the company is but a portion of that sacrifice of treasure and comfort and life which the people of the South are making, with a zeal and unanimity perhaps never before equalled among those who appealed to arms, in self-defence."
Mr. Grattan offered a resolution, which was adopted, requesting the General Assembly to extend the time for the acceptance of the charter of the James River Canal, by the French company, until the 29th of January, 1863.
Mr. R. G. Morriss offered a resolution reducing the salary of the President from $3,000 to $2,000, and the salary of the Secretary from $2,500 to $2,000, and requesting the Board of Directors to consider the propriety of a general reduction of the salaries of officers and agents of the line. Adopted.
The election of officers for the year resulted as follows: President — Thomas H. Ellis; Directors — D. J. Burr and Thomas M. Bondurant.
The meeting then adjourned.
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